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Penton narrows quarterly loss

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Cleveland--Penton Media Thursday reported a third-quarter net loss of $52.4 million, compared with a loss of $243.2 million in the year-earlier quarter.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew to $8.3 million, compared with a loss of $1.0 million in last year's third quarter.

This year's third quarter included a non-cash goodwill and asset impairment charge of $45.8 million, compared with a $223.3 million goodwill and asset impairment charge a year earlier.

Revenue for the period increased 14.7% to $54.1 million, from $47.2 million in the third quarter of 2002. Revenue was favorably impacted by a shift in the timing of two trade shows from the fourth quarter of last year to the third quarter of this year. Adjusting for this change and other items, revenue declined by $1.4 million, or 2.5%, from last year's third quarter.

--Sean Callahan

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